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  • Copy Take Profit & Copy Stop Loss

    Hi Guys,

    Can anyone report getting better fills and closes by setting the copy take profit / stop loss to false?
    i.e. hiding it from the broker?

    I'm always wary of stop hunting and broker games, even at 'reputable' institutions like FXPig and ICMarkets.

    I forget where I read it, but don't most brokers like IC Markets treat take profit / stop loss as market orders anyway?
    i.e. they don't guarantee exact fills at that price, and just send it to market?

    So if they are going to do that anyway, there doesn't seem to be any advantage to having them there? Or is there???

    Cheers
    Timo

  • #2
    The advantage is that you don't have the delay of waiting for the signal to tell you to close. For a sl in a fast moving market this can equal big slippage...
    Setting tp means that if your account hits tp before the master and then the market turns around you can be out of the trade while the master has a floating dd. This has happened a few times on smart scalper for me
    I always have both set to true

    Sent from my Nexus 5 using Tapatalk

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    • #3
      Of course. That makes sense, thanks

      I completely forgot about the signal time, which would make a big difference in a fast moving market.

      Cool, think i'll leave then set to true still.

      Comment


      • #4
        I used to copy both till I saw several SL hunting for client here and suffered from one myself on a Kate Friday night
        So I stopped copying SL, which is not bad IMHO if you are using a stable vps

        I still copy to for some signals and for some I don't since I use my own exist strategy

        Sent from my GT-N7000 using Tapatalk

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        • #5
          Does anyone know what the setting 'Yes (set by signal provider)' means in Copy Stop Loss?

          I was trying to change the Copy StopLoss option to No, but for this particular signal it only had 1 option in the select menu.

          And just to confirm, if you select Copy Stop Loss = No, then the trades will be closed as market orders when the price reaches the SL level. Rather than as limit orders?

          Comment


          • #6
            Originally posted by timo View Post

            And just to confirm, if you select Copy Stop Loss = No, then the trades will be closed as market orders when the price reaches the SL level. Rather than as limit orders?
            It depends on your broker. In an ideal situation, TP and SL levels should work as limit orders. But some brokers send them as market orders when the price reaches the limit set. It has its own pros and cons. One good thing u can consider about this is to prevent the Liquid providers to send a false tick and book your limit order. If broker does not send your TP or SL as limit orders, the liquid provider cant play with the price quotes. And again, you may miss your TP sometimes as its not a limit order
            Trade the market, not the trader

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            • #7
              Thanks ST,

              That makes sense. It's a toss up between preventing a SL hunt and missing the SL during a fast moving market. I think i'll leave it off for a while.

              Still curious what the setting 'Yes (set by signal provider)' means though? Nick might know ...

              I assume it means we can't change it, and the signal provider has last say

              Comment


              • #8
                Hi Nick/Will, I noticed some signal providers on ST have enforced TP/SL in their signal settings, meaning that client cannot alter options for either if they wish to. I do understand & appreciate why they have done so with respect to the operation parameters of their own signal but I would still like to have the option to set my own preference anyway - is it possible to request from ST support the option be restored for any individual subscribed signal?

                Comment


                • #9
                  Originally posted by littlemax View Post
                  Hi Nick/Will, I noticed some signal providers on ST have enforced TP/SL in their signal settings, meaning that client cannot alter options for either if they wish to. I do understand & appreciate why they have done so with respect to the operation parameters of their own signal but I would still like to have the option to set my own preference anyway - is it possible to request from ST support the option be restored for any individual subscribed signal?
                  Hi Littlemax,

                  If you select not to copy the SL and TP then you shouldn't receive the levels on your terminal. Can you please confirm this is how your account is currently configured?

                  Then you're free to set your own levels.
                  Click here to check out the most popular forex channel on YouTube

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                  • #10
                    Hi Nick,
                    My point was that it's not possible to select tp/sl for some signal providers as it has been set by the provider & can't be changed, which is not my personal preference as I would like to have the option to set my own levels. It does work according to the way the signal provider has set it though-receiving or not- the levels on the terminal. I asked support if they could restore the option to user selectable but apparently they can't over ride the provider's setting.

                    Comment


                    • #11
                      Originally posted by Okda View Post
                      I used to copy both till I saw several SL hunting for client here[...]
                      which broker? pretty useless comment without this info

                      Comment


                      • #12
                        i only copy the TP, the way i look at is is,

                        two signals i copy have worse spreads, the last year has shown more positive situations arrive when using copy TP rather than not (ie i get closed profit, signal provider does not)

                        i out of own personal worry do not and never will set copy SL, i hope and use the fact the reliable back end connection through simpletrader from signal provider to client will be connected when the decision to book losses (hit SL comes in effect)

                        i will never copy SL, ive got no proof like many that we get hunted on purpose, but my view is why give your broker your snapping point, cause likely 20 pips later it will all reverse. keep it secret, end of the day, tell the broker or not, if it gets "hit" it gets "hit" so keep that one close i say!!

                        Comment


                        • #13
                          Originally posted by littlemax View Post
                          Hi Nick,
                          My point was that it's not possible to select tp/sl for some signal providers as it has been set by the provider & can't be changed, which is not my personal preference as I would like to have the option to set my own levels. It does work according to the way the signal provider has set it though-receiving or not- the levels on the terminal. I asked support if they could restore the option to user selectable but apparently they can't over ride the provider's setting.

                          to answer your question

                          i believe it works like this,

                          copy either SL/TP, then any adjustment manually to the SL/TP of open trades will be overwritten/ignored/rest by the EA

                          now if you set BOTH options to "no" then i believe you can set the SL/TP of your trades as you see fit without the EA interfering!!

                          Comment


                          • #14
                            In addition in event of broker disconnection as with Dayfox Alpari broker last week, there is extra safety to be had if you have TP set - DF appears to be setting a TP on trades at present & I consider it a good option to set it 'true' in ST settings, but not SL as you also say Dupapa. I have seen numerous examples of TP being hit before the master in this case due to wider spreads on Alpari.

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